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DRAFT RULES DATED 1/10/02 <br /> • <br /> RULES GOVERNING THE ARKANSAS RIVER WATER BANK <br /> PILOT PROGRAM <br /> AUTHORIZATION <br /> These rules are promulgated pursuant to the authority granted the State <br /> Engineer in sections 37-80.5-101 et seq., C.R.S. (2001) to implement a pilot <br /> water banking program in the Arkansas River Basin. <br /> ORDER OF THE STATE ENGINEER <br /> IT IS ORDERED that the following rules governing the Arkansas River <br /> Water Bank Pilot Program are adopted by the State Engineer. <br /> Rule 1. Title. <br /> The title of these rules is "The Rules Governing the Arkansas River <br /> Water Bank Pilot Program." The short title for these rules is "Water <br /> Bank Rules" and they may be referred to herein collectively as the <br /> "rules" or individually as a "rule." <br /> Rule 2. Purpose. <br /> Scope and Pur <br /> P p <br /> A. These rules apply to the establishment and operation of a pilot <br /> water bank for owners of storage water rights in the Arkansas River <br /> Basin and its tributaries. These rules are effective through June 30, <br /> 2007. <br /> B. The purpose of these rules is to implement a pilot water bank that <br /> simplifies and facilitates water leasing, loans and exchanges <br /> including interruptible supply agreements, of storage water rights <br /> within the Arkansas River Basin; and to reduce the costs <br /> associated with such transactions. Further, it is also the purpose of <br /> these rules to increase the availability of water-related information <br /> and assist farmers and ranchers by developing a mechanism to <br /> realize the value of their water right assets without forcing the <br /> permanent severance of those water rights from the land. Nothing <br /> in these rules is intended to restrict the ability of the holder of a <br /> water right to sell, lease, option or exchange that water right in any <br /> other manner that is currently permitted under Colorado law. These <br /> rules are not to be implemented in a manner that would cause <br /> material injury to the owner of or persons entitled to use water <br /> under a vested water right or a decreed conditional water right. <br /> S <br />